El Salvador has become the first country to make #Bitcoin legal tender! 🇸🇻 - page 51.

Popkon6

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Quote from: JayJuanGee on July 25, 2023, 07:50:55 AM

Quote from: Popkon6 on July 24, 2023, 07:32:29 PM

El Salvador Passes Key Bitcoin Law, Paves the Way for "Volcano Bonds"
A new digital asset law has been drafted in El Salvador that addresses the issue of debt repayment with cryptocurrency. And the El Salvador law, backed by the legal tender clause Naib Bukele, has gained widespread traction and benefited the public and bond and bitcoin investors. The bill provides the legal framework for bitcoin-backed bonds, and these are known as "volcano bonds." which offers to pay off the sovereign debt of Latin American nations and they also intend to use such measures.
Details: https://decrypt.co/118996/el-salvador-passes-key-bitcoin-legislation-making-way-volcano-bonds

Your news-piece post is a bit misleading because you failed/refused to provide a date in regards to your cited article that was written more than 6 months ago...

If you had provided the date, then there still may well be a need to say why you are mentioning the 6-month old information now? To reemphasize it? to proclaim that it was something that was missed (or under emphasized earlier). or is it something that you want to talk about (while acknowledging that it is more than 6 months old).

Yes, I admit this news is very old this news reflects on 12th January 2023. Although the news is old, El Salvador has reaped substantial benefits since the inception of this "volcano bond" law. Because El Salvador has become one of the most popular countries in the world since adopting Bitcoin. And most of all, they have found one of the ways to pay their debts through cryptocurrency. But the country of Salvador is largely self-sufficient, using volcanic bonds.

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Quote from: Inwestour on July 26, 2023, 12:49:27 AM

They probably won’t back down anyway, but if El Salvador gets another president that isn’t as loyal to bitcoin, then they might start moving in a different direction and it won’t be good, they might just lose the first mover advantage they have now.

In any case, improvements in the country are noticeable, and it must be taken into account that this is happening now, when the entire world economy is not in the best condition, few countries can develop in such a situation, such difficult times just need to wait out.

The next Presidential elections will be in 2024 and Bukele is contesting, thanks to the amendment of the constitution that allows a sitting president to have two consecutive terms. Hopefully, he will win and get another five years. That means a new president will have to wait for six years to take over from the current president. Nobody knows the future but two things might happen. The new president might have seen the positive impact of Bitcoin on the country and decided to follow the footstep and plans of the current administration. But if he is a puppet of these anti-bitcoin forces, he might decide to do their bidding and make unfriendly policies. Until then, let us keep celebrating the landmarks of Bitcoin in El Salvador.

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Quote from: retreat on July 23, 2023, 11:45:34 PM

Quote from: Bd officer on July 21, 2023, 10:09:50 PM

One of the countries in the world is El Salvador. The President of El Salvador, Nayib Bukele, is an extraordinary person. The country of El Salvador became known as the first Bitcoin country. El Salvador is the first country to declare Bitcoin as its official currency. They are also using Bitcoin in business. A wholesale supermarket in El Salvador has been spotted paying with Bitcoin. Watch the video on paying with Bitcoin here.

I am really impressed with Nayib Bukele who saw the potential of Bitcoin and adopted it as legal tender in his country. He really saw how their country that only relied on export products had to diversify their economy and adopting Bitcoin was their first step to advance their economy. The plan was successful and it was proven that the economy and bureaucracy in the country were getting better and the people were getting more prosperous. What El Salvador is doing can be proof to be followed by other small countries that adopting Bitcoin as legal tender in their country is the best decision they can make.

Taking the right decision at the right time can lead to success Nayib Bukele's bitcoin adoption strategy remains a living proof. Nayib Bukele's country was not economically prosperous. Moreover, he took decisions when other heads of state ignored them. Bitcoin price also started to fall drastically. But Nayib Bukele did not budge at all from his position. Overcoming all obstacles, today his country is the first country in the world to legalize Bitcoin. The country will now gradually reach a higher peak of prosperity. If the heads of each country are technologically minded, they will soon allow Bitcoin as legal tender in countries like El Salvador.

Inwestour

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Quote from: flyingcarpet on July 25, 2023, 02:24:18 AM

Bitcoin is a chance for most countries. He who evaluates it and waits patiently will receive his reward as a result. El Salvador is one of these countries. I have no idea about the elections, but whatever El Salvador's decision, they should not give up on Bitcoin. They say that Bukele has a chance to stay in the presidency. If this happens, El Salvador may go down in history as a country that will witness the development of Bitcoin closely.

It is a great chance to use Bitcoin legally in many areas. All countries will take advantage of this chance in the near future. There may be many obstacles, but Bitcoin will continue on its way with sure steps.

They probably won’t back down anyway, but if El Salvador gets another president that isn’t as loyal to bitcoin, then they might start moving in a different direction and it won’t be good, they might just lose the first mover advantage they have now.

In any case, improvements in the country are noticeable, and it must be taken into account that this is happening now, when the entire world economy is not in the best condition, few countries can develop in such a situation, such difficult times just need to wait out.

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Quote from: Popkon6 on July 24, 2023, 07:32:29 PM

El Salvador Passes Key Bitcoin Law, Paves the Way for "Volcano Bonds"
A new digital asset law has been drafted in El Salvador that addresses the issue of debt repayment with cryptocurrency. And the El Salvador law, backed by the legal tender clause Naib Bukele, has gained widespread traction and benefited the public and bond and bitcoin investors. The bill provides the legal framework for bitcoin-backed bonds, and these are known as "volcano bonds." which offers to pay off the sovereign debt of Latin American nations and they also intend to use such measures.
Details: https://decrypt.co/118996/el-salvador-passes-key-bitcoin-legislation-making-way-volcano-bonds

Your news-piece post is a bit misleading because you failed/refused to provide a date in regards to your cited article that was written more than 6 months ago...

If you had provided the date, then there still may well be a need to say why you are mentioning the 6-month old information now? To reemphasize it? to proclaim that it was something that was missed (or under emphasized earlier). or is it something that you want to talk about (while acknowledging that it is more than 6 months old).

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Quote from: Inwestour on July 25, 2023, 01:58:17 AM

Quote from: armanda90 on July 24, 2023, 05:41:44 AM

I am not popular with El Savador politic, but its seems good if Nayib Bukele get support above 80% around in their country and has chance for Bitcoin keep existing as legal payment currency there. Have been habit all countries, when change government they will change some rule and if election Nayib Bukele keep defend his position as president has chance for Bitcoin keep existing as Bitcoin legal transaction in El Savador.
Bitcoin can improve with country's economic and help many tourist come there due easy transaction after accepting Bitcoin on every sector. Lets hope with Nayib Bukele win election and existing as El Savador president exactly for five years later and Bitcoin keep become legal payment currency transaction.

Social polls often do not match the real results in elections, but it still seems to me that Bukele has a very good chance of remaining in the presidency.

I don’t know about tourists, their number may increase in El Salvador when Bitcoin City is built, the new airport will also contribute to this, but for now the situation will remain approximately stable. And even if it happens that El Salvador has a new president after the elections, which I doubt, the legal framework will remain the same and tax incentives for tech companies will remain, which will also contribute to the development of the economy.

And another 5 years should be enough to understand how much the population will use bitcoin. Now, many say that a few years is not enough and El Salvador is a pioneer, it is always more difficult for them, this is also true.

Bitcoin is a chance for most countries. He who evaluates it and waits patiently will receive his reward as a result. El Salvador is one of these countries. I have no idea about the elections, but whatever El Salvador's decision, they should not give up on Bitcoin. They say that Bukele has a chance to stay in the presidency. If this happens, El Salvador may go down in history as a country that will witness the development of Bitcoin closely.

It is a great chance to use Bitcoin legally in many areas. All countries will take advantage of this chance in the near future. There may be many obstacles, but Bitcoin will continue on its way with sure steps.

Inwestour

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Quote from: armanda90 on July 24, 2023, 05:41:44 AM

I am not popular with El Savador politic, but its seems good if Nayib Bukele get support above 80% around in their country and has chance for Bitcoin keep existing as legal payment currency there. Have been habit all countries, when change government they will change some rule and if election Nayib Bukele keep defend his position as president has chance for Bitcoin keep existing as Bitcoin legal transaction in El Savador.
Bitcoin can improve with country's economic and help many tourist come there due easy transaction after accepting Bitcoin on every sector. Lets hope with Nayib Bukele win election and existing as El Savador president exactly for five years later and Bitcoin keep become legal payment currency transaction.

Social polls often do not match the real results in elections, but it still seems to me that Bukele has a very good chance of remaining in the presidency.

I don’t know about tourists, their number may increase in El Salvador when Bitcoin City is built, the new airport will also contribute to this, but for now the situation will remain approximately stable. And even if it happens that El Salvador has a new president after the elections, which I doubt, the legal framework will remain the same and tax incentives for tech companies will remain, which will also contribute to the development of the economy.

And another 5 years should be enough to understand how much the population will use bitcoin. Now, many say that a few years is not enough and El Salvador is a pioneer, it is always more difficult for them, this is also true.

Sebas.tian

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Quote from: Popkon6

El Salvador Passes Key Bitcoin Law, Paves the Way for "Volcano Bonds"
A new digital asset law has been drafted in El Salvador that addresses the issue of debt repayment with cryptocurrency. And the El Salvador law, backed by the legal tender clause Naib Bukele, has gained widespread traction and benefited the public and bond and bitcoin investors. The bill provides the legal framework for bitcoin-backed bonds, and these are known as "volcano bonds." which offers to pay off the sovereign debt of Latin American nations and they also intend to use such measures.

Details: https://decrypt.co/118996/el-salvador-passes-key-bitcoin-legislation-making-way-volcano-bonds

It showed, that El Salvador legislative really mean well for cryptocurrency and Bitcoin users in the country by giving the users protection for any kind of Bitcoin and cryptocurrency transaction in the country which is a sign of good government in the land. I think, this new law will definitely increase the number of Bitcoin and cryptocurrency investors in the country because the government has put some law that will guide their citizens not to be scared about their debt at the moment than to create a room for the repayment of their debt so that they will not run alway to unknown location. I believe, issues of debt repayment will be eliminate this time because people will no longer find it difficult to get the money to solve their debt in the country.

Popkon6

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El Salvador Passes Key Bitcoin Law, Paves the Way for "Volcano Bonds"
A new digital asset law has been drafted in El Salvador that addresses the issue of debt repayment with cryptocurrency. And the El Salvador law, backed by the legal tender clause Naib Bukele, has gained widespread traction and benefited the public and bond and bitcoin investors. The bill provides the legal framework for bitcoin-backed bonds, and these are known as "volcano bonds." which offers to pay off the sovereign debt of Latin American nations and they also intend to use such measures.

Details: https://decrypt.co/118996/el-salvador-passes-key-bitcoin-legislation-making-way-volcano-bonds

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Quote from: Z-tight on July 24, 2023, 05:39:03 PM

Quote from: 348Judah on July 24, 2023, 06:49:07 AM

Don't conclude that El-Savadorans aren't in support for the use of bitcoin in their daily transactions, base on findings an average El-Savadoran own atleast about $30 worth of bitcoin that comes with their Chivo wallet and many have from there taken the advantage to continue with the use of their wallet and bitcoin in making transactions and the overall progress the bitcoin adoption has brought to El-Savador has open more opportunities for it economy development.

Most Salvadorians who downloaded the Chivo Wallet did so because of the $30 bonus for installing the centralized wallet, it does not mean that whoever downloaded the wallet owns $30 of BTC, they got it when they installed the wallet and they have spent that a long time ago. Salvadorians do not use BTC and so many of them do not even have a BTC wallet like Electrum. I don't know what you call economic development, but El Salvador is very far from being developed economically.

Quote from: 348Judah on July 24, 2023, 06:49:07 AM

If tourism alone can yield an incredible increase for development, then i think that alone is a success to talk about with El-Savador amidst other opportunities that set in.

I didn't say tourism has incredibly increased development in El Salvador, i said due to the fact that the country is now a destination for BTC tourists, their revenue from tourism would increase, that is two different statements.

The adoption of bitcoin have paved the path for the BTC tourism. It is like a holy place that every bitcoiner prefer to visit. In some way the country is being made unique among the rest of the world. This courageous move need to be appreciated. We can't be specific on the economic upliftment, but the country hadn't suffered anything big once after the adoption of bitcoin. Even when the market have declined big the country didn't face any hard times. Even the finance minister said it is just a small percentage of our budget invested into bitcoin. The same will have a huge impact on the economy in the long run.

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Quote from: 348Judah on July 24, 2023, 06:49:07 AM

Don't conclude that El-Savadorans aren't in support for the use of bitcoin in their daily transactions, base on findings an average El-Savadoran own atleast about $30 worth of bitcoin that comes with their Chivo wallet and many have from there taken the advantage to continue with the use of their wallet and bitcoin in making transactions and the overall progress the bitcoin adoption has brought to El-Savador has open more opportunities for it economy development.

Most Salvadorians who downloaded the Chivo Wallet did so because of the $30 bonus for installing the centralized wallet, it does not mean that whoever downloaded the wallet owns $30 of BTC, they got it when they installed the wallet and they have spent that a long time ago. Salvadorians do not use BTC and so many of them do not even have a BTC wallet like Electrum. I don't know what you call economic development, but El Salvador is very far from being developed economically.

Quote from: 348Judah on July 24, 2023, 06:49:07 AM

If tourism alone can yield an incredible increase for development, then i think that alone is a success to talk about with El-Savador amidst other opportunities that set in.

I didn't say tourism has incredibly increased development in El Salvador, i said due to the fact that the country is now a destination for BTC tourists, their revenue from tourism would increase, that is two different statements.

wavessurfing

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Quote from: Synchronice on July 24, 2023, 08:41:48 AM

This is a very strange, I've been reading and seeing news about them and still can't really figure out what the situation is in that country. The crime rate is so high, it looks like it's prestigious to be a criminal in their society.
El Salvador is a small country with 6.5 million people. At first I thought like he implemented bitcoin because some gangs pushed him to do so, I couldn't really imagine if one can become a president in such a country, control the police and fights gangs but then it become publicly known that he uses cruel methods against gangsters and criminals, statistics also shows that crime rate is going down and things are improving.
This country looks interesting, it looks even more interesting to see how will the situation change in El Salvador in 2030. Will criminals be able to change the situation or will Nayib Bukele be able to remain president of that country? It's very hard to fight criminals.

you have to take into account the beginning press campaign against Bukele re-election. This campaign is now on.
International press and media have begun to write violent attacks against him.
Meanwhile the origin appears evident, as it parallels precisely previous campaigns of us descent.
In my daily newspaper there is such an attack on a big paper today. I am not salvadoran and cannot precisely judge what is written.

However there is a fact: bitcoin is not even mentioned once in the story !!!
so for me its clear...

Synchronice

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This is a very strange, I've been reading and seeing news about them and still can't really figure out what the situation is in that country. The crime rate is so high, it looks like it's prestigious to be a criminal in their society.
El Salvador is a small country with 6.5 million people. At first I thought like he implemented bitcoin because some gangs pushed him to do so, I couldn't really imagine if one can become a president in such a country, control the police and fights gangs but then it become publicly known that he uses cruel methods against gangsters and criminals, statistics also shows that crime rate is going down and things are improving.
This country looks interesting, it looks even more interesting to see how will the situation change in El Salvador in 2030. Will criminals be able to change the situation or will Nayib Bukele be able to remain president of that country? It's very hard to fight criminals.

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Quote from: Luzin on July 24, 2023, 07:28:54 AM

I read the news if El Salvador's economy is improving. After paying off $800 million worth of bonds that Moody's predicts will not be possible. El Salvador bonds surged 62% amid a rally driven by Bitcoin ETFs.
~snip~

I don't know if it matters to you at all how the debt was paid, but if you owe money to someone and then you borrow from another person to repay the first, you are still in debt, right? It is fascinating that at least 90% of the members of this forum believe in everything they are served, and only a few know how to scratch beneath the surface and see things as they really are.

Quote from: stompix on January 26, 2023, 12:46:54 PM

And not a word on the $450m they took in a loan with Central American Bank for Economic Integration and the other $100m they took from the Inter-American Development Bank to pay $604 million in bond maturity.

But yeah, let's talk about 800 paid in full when in reality it's just $604 million paid with the help of getting 550 million in loans!
And from 800 we're down to 54!
~snip~

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Quote from: retreat on July 23, 2023, 11:45:34 PM

I am really impressed with Nayib Bukele who saw the potential of Bitcoin and adopted it as legal tender in his country. He really saw how their country that only relied on export products had to diversify their economy and adopting Bitcoin was their first step to advance their economy. The plan was successful and it was proven that the economy and bureaucracy in the country were getting better and the people were getting more prosperous. What El Salvador is doing can be proof to be followed by other small countries that adopting Bitcoin as legal tender in their country is the best decision they can make.

I read the news if El Salvador's economy is improving. After paying off $800 million worth of bonds that Moody's predicts will not be possible. El Salvador bonds surged 62% amid a rally driven by Bitcoin ETFs. El Salvador's bonds maturing in 2027 have gained 62% in the past six months as the country is on better financial footing. The value of El Salvador's bonds is up 62%, and is now trading at 72 cents on the dollar. Over the same time period, bitcoin has risen 79%.¹

Source:
1. https://www.coindesk.com/markets/2023/07/20/el-salvadors-bonds-surge-62-amid-bitcoins-etf-driven-rally/

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Quote from: Z-tight on July 24, 2023, 05:57:27 AM

So many people don't think that El Salvadors adoption of BTC's has been a success, take note that Salvadorians do not really use BTC, so if it is in the aspect of people spending or using BTC in El Salvador, then it hasn't been a success at all.

Who cares about what other's feels about El-Savador's bitcoin adoption, they face their business because they know what they are seeking after, El-Savador already learnt to give a deaf ears to the first ever discouragement coming from IMF.

Don't conclude that El-Savadorans aren't in support for the use of bitcoin in their daily transactions, base on findings an average El-Savadoran own atleast about $30 worth of bitcoin that comes with their Chivo wallet and many have from there taken the advantage to continue with the use of their wallet and bitcoin in making transactions and the overall progress the bitcoin adoption has brought to El-Savador has open more opportunities for it economy development.

Quote from: Z-tight on July 24, 2023, 05:57:27 AM

The people of El Salvador are also not suddenly prosperous because of BTC adoption, that is a totally fallacious belief.

Lot of things have changed about El-Savador since it adoption of bitcoin as a legal tender, you have to maybe take a tour to El-Savador to see the remarkable changes and development there.

Quote from: Z-tight on July 24, 2023, 05:57:27 AM

El Salvadors decision may have increased their revenue from tourism, but that is not enough to bring about economic prosperity for the nation.

If tourism alone can yield an incredible increase for development, then i think that alone is a success to talk about with El-Savador amidst other opportunities that set in.

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Quote from: armanda90 on July 24, 2023, 05:41:44 AM

Quote from: Inwestour on July 24, 2023, 05:24:37 AM

According to social surveys of the population, Bukele has a very significant support of the population, about 80% support Bukele, that is, he has very good chances to remain after the election as president. To be objective, not everyone supports him because of his attitude towards bitcoin, many support him because he managed to reduce crime, improve the situation with tourism, and in general it is clear that he wants to improve the country's economy. I think Bukele has a very good chance of remaining in the presidency after the election.

I am not popular with El Savador politic, but its seems good if Nayib Bukele get support above 80% around in their country and has chance for Bitcoin keep existing as legal payment currency there. Have been habit all countries, when change government they will change some rule and if election Nayib Bukele keep defend his position as president has chance for Bitcoin keep existing as Bitcoin legal transaction in El Savador.
Bitcoin can improve with country's economic and help many tourist come there due easy transaction after accepting Bitcoin on every sector. Lets hope with Nayib Bukele win election and existing as El Savador president exactly for five years later and Bitcoin keep become legal payment currency transaction.

When the government system of a country is changed, the work done by the previous government for the sake of the development of the country is stopped after the new government gets the responsibility and starts working again in its own way, due to which the country lags far behind in getting the touch of development. Nayib Bukele adopted bitcoin as a legal document to change the economic status of the country and the other decisions he made may not continue in El Salvador if he loses the presidency because then another president will want to change the economic status of the country in other ways. If Nayib Bukele comes back to power in the elections of El Savador, he will be able to carry out the plans that he has planned which will make their country a developed country. Nayib Bukele's popularity has increased for several reasons, so it is expected that he will regain power in the next presidential election.

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Quote from: retreat on July 23, 2023, 11:45:34 PM

The plan was successful and it was proven that the economy and bureaucracy in the country were getting better and the people were getting more prosperous. What El Salvador is doing can be proof to be followed by other small countries that adopting Bitcoin as legal tender in their country is the best decision they can make.

So many people don't think that El Salvadors adoption of BTC's has been a success, take note that Salvadorians do not really use BTC, so if it is in the aspect of people spending or using BTC in El Salvador, then it hasn't been a success at all. The people of El Salvador are also not suddenly prosperous because of BTC adoption, that is a totally fallacious belief.

El Salvadors decision may have increased their revenue from tourism, but that is not enough to bring about economic prosperity for the nation. I am pro-BTC, but i don't think the best decision a nation can make is to make BTC a legal tender, it will help the people to use a censorship resistant currency, but it won't help the nation economically and in most other aspects.

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Quote from: Inwestour on July 24, 2023, 05:24:37 AM

According to social surveys of the population, Bukele has a very significant support of the population, about 80% support Bukele, that is, he has very good chances to remain after the election as president. To be objective, not everyone supports him because of his attitude towards bitcoin, many support him because he managed to reduce crime, improve the situation with tourism, and in general it is clear that he wants to improve the country's economy. I think Bukele has a very good chance of remaining in the presidency after the election.

I am not popular with El Savador politic, but its seems good if Nayib Bukele get support above 80% around in their country and has chance for Bitcoin keep existing as legal payment currency there. Have been habit all countries, when change government they will change some rule and if election Nayib Bukele keep defend his position as president has chance for Bitcoin keep existing as Bitcoin legal transaction in El Savador.
Bitcoin can improve with country's economic and help many tourist come there due easy transaction after accepting Bitcoin on every sector. Lets hope with Nayib Bukele win election and existing as El Savador president exactly for five years later and Bitcoin keep become legal payment currency transaction.

Inwestour

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Quote from: JayJuanGee on July 22, 2023, 09:03:35 AM

It seems o.k. (and even related to this topic) to bring up some of the politics, especially in relation to how Bukele might be planning to continue to be able to serve as president - especially since he has served so much as the motivator behind El Salvador's pro-bitcoin policy and he seems to be well liked and influential in being able to get the bitcoin friendly policies/plans passed and implemented, so the ideas that you discussed were interesting and you seemed to have had described them in terms of El Salvador's abilities to continue with its bitcoin policies.

The above links seem to be about other topics, so they do not really seem to relate to the points that you were making earlier (about Bukele's plan to step down, to leave others in place and then be able to serve again, if he wins the election).

According to social surveys of the population, Bukele has a very significant support of the population, about 80% support Bukele, that is, he has very good chances to remain after the election as president. To be objective, not everyone supports him because of his attitude towards bitcoin, many support him because he managed to reduce crime, improve the situation with tourism, and in general it is clear that he wants to improve the country's economy. I think Bukele has a very good chance of remaining in the presidency after the election.

Topic: El Salvador has become the first country to make #Bitcoin legal tender! 🇸🇻 - page 51. (Read 40928 times)